Report: Many homeowners participating in loan modification program

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Report: Many homeowners participating in loan modification program

January 15, 2010 - Real estate owners who are worried that they will fall behind on their mortgage payments may want to consider modifying their home loans, as borrowers are more likely to be approved for these options, according to the government.

A new joint report from the Departments of the Treasury and the Department of Housing and Urban Development (HUD) revealed that several real estate owners who have participated in the Obama administration's Home Affordable Modification Program (HAMP) were able to make permanent modifications to their mortgages.

Last month, more than 110,000 American homeowners were able to make these changes to their loans.

To date, more than $850,000 families and individuals have reduced their mortgage payments by an average of $500 under HAMP, researchers said. The program is intended to benefit between 3 and 4 million homeowners over the next two years.

Individuals who anticipate they will have trouble making their housing payments may wish to apply for the program soon, as "HUD will continue to work with our administration partners and utilize our broad network of housing counseling agencies to increase the number of borrowers receiving sustainable and affordable modifications," said William Apgar, senior advisor for mortgage finance for the department.

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